Symantec ready to acquire VeriSign unit

Symantec is around a deal to acquire VeriSign’s authentication services unit for $1.3 billion, individuals briefed for the matter said on Tuesday.

An agreement more than the business, which provides safety technologies for on the web payments, could be reached this week, these persons said, cautioning that talks have been continuing and might fall apart.

The option, if consummated, would be the latest step by VeriSign as the corporation sells off divisions to concentrate on its core organization: maintaining tens of millions of internet domain names. It would also bolster Symantec’s standing as the world’s greatest supplier of technologies security.

Speculation about a VeriSign deal began when the company’s chief financial officer, Brian Robins, withdrew from a JPMorgan Chase business conference on Tuesday. The Wall Street Journal later reported on-line that Symantec was close to a deal for that unit.

Representatives for Symantec and VeriSign declined to comment.

VeriSign has sold more than a dozen units in current years to concentrate on its Net registry organization, which manages the .com and .net domains. The authentication products and services unit, whose encryption technologies is widely used, had $410 million in revenue last year, pretty much half of VeriSign’s $1.03 billion in sales.

Symantec, finest regarded for its favorite Norton antivirus software program, has struck numerous deals of its personal to expand its organization. Last month, it agreed to purchase the PGP Corporation, yet another supplier of internet encryption products and services, for $300 million.

Shares in VeriSign rose greater than 5 percent on Tuesday, closing at $28.23. Shares in Symantec fell 2 percent to $15.95.

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